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Paycheck Protection Program Loan | 12 Months Ended
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Jan. 31, 2024
Debt Disclosure [Abstract] |
Paycheck Protection Program Loan | Note 9—Paycheck Protection Program Loan On May 6, 2020, we entered into a loan agreement in which we borrowed $4.4 million (the “PPP Loan”) from Greenwood Credit Union under the Paycheck Protection Program administered by the SBA and authorized by the CARES Act. The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date. On June 15, 2021, Greenwood notified us that the SBA approved our application for forgiveness of the entire $4.4 million principal balance of our PPP Loan and all accrued interest thereon. As a result, in the second quarter of fiscal 2022, we recorded a $4.5 million gain on extinguishment of debt, which is included in the accompanying consolidated income statement for the period ended January 31, 2022.

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